Bally Bounces Ch.11 Plan To Noteholders

Law360, New York (June 28, 2007, 12:00 AM EDT) -- Bally Total Fitness Holding Corp. has kicked off the formal process of gathering approval for its prepackaged Chapter 11 deal, hoping that noteholders will sign off on a plan that could help the fitness giant survive in the face of a heavy debt load and sinking profits.

On Wednesday, the Chicago-based company revealed that it had started the noteholder solicitation process, with votes due back by July 27, barring an extension.

"We are pleased that so many of our noteholders have expressed support for the Plan...